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FxWirePro: USD/CAD forms temporary top at 1.3433, good to buy on dips

Wednesday, November 2, 2016 12:32 PM UTC

Major resistance- 1.34330 (Oct 28th 2016 high)
Major support - 1.3345 (9- day EMA)
Loonie has once again retreated after jumping till 1.3425 yesterday. The pair formed the temporary top around 1.34330 and declined sharply from that level. It is currently trading around 1.3385.
Short term trend is still bullish as long as support 1.3345 (9- day EMA) holds.
On the higher side, any violation above temporary top will take the pair to next immediate resistance at 1.3483 (161.8% retracement of 1.3433 and 1.33532)/1.35000.

It is good to buy on dips around 1.3360-65 with SL around 1.3320 for the TP of 1.34330/1.3480.

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FxWirePro: USD/CAD forms temporary top at 1.3433, good to buy on dips

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